INDEPENDENT PORTFOLIO CASE STUDY • HANISON CONSTRUCTION 1 From ESG Reporting to Business Action Hanison Construction | Energy, emissions and fuel strategy | FY2025/26 -37.5% -4.5% +56.3% 96.3% Energy consumption Total GHG emissions Electricity consumption Scope 3 share of GHG 01 | Objective Assess Hanison Construction Holdings Limited’s published environmental performance and translate the findings into practical operational and investment priorities. The analysis focuses on FY2025/26, with historical context from FY2023/24 and FY2024/25. The goal is to identify where management should investigate, intervene and measure results—not to claim improvements that the data cannot independently establish. 02 | Methodology ESG trend analysis. I reviewed disclosed energy use, electricity consumption, fuel consumption and Scope 1–3 greenhouse-gas (GHG) emissions; calculated year-on-year movements; and compared absolute results with revenue-based intensity indicators. Total Cost of Ownership (TCO). I structured a decision framework for increasing the share of B5 biodiesel blend: incremental fuel procurement cost, operating compatibility, implementation requirements and emissions impact. A defensible cost-per-tonne-of-COe calculation requires verified supplier prices and a consistent emissions accounting boundary. Management interpretation. I separated observed trends from potential causes, particularly where changes in construction activity, project mix, outsourcing or reporting scope may influence results. Decision lens The priority is not simply to reduce fuel use. It is to understand the drivers of energy demand, manage rising electricity-related emissions, and direct decarbonisation resources towards the largest sources of reported impact. Data basis: Hanison Construction Holdings Limited, ESG Report 2025/2026. Analysis is independent and prepared for a professional portfolio. ₂ INDEPENDENT PORTFOLIO CASE STUDY • HANISON CONSTRUCTION 2 What the FY2025/26 Data Reveals 03 | Key findings: improved absolute performance, but new pressure points Energy use: − 37.5% Total energy fell from 4,279 to 2,673 MWh. Revenue-based energy intensity improved 24.8% to 1,676 kWh/HK$ million. Total GHG emissions: − 4.5% Reported GHG emissions declined from 30,974 to 29,587 tCOe. However, GHG intensity increased 15.0% to 18.55 tCOe/HK$ million. Fuel use: − 79.3% Fuel consumption fell from 278,908 to 57,842 litres. In contrast, electricity use rose 56.3% to 2.07 million kWh; Scope 2 emissions rose 54.0%. Strategic implication: Scope 3 represented approximately 96.3% of total reported GHG emissions (28,503 tCOe). The most material decarbonisation opportunities therefore extend beyond direct fuel use into procurement and the construction supply chain. Charts use figures published in Hanison’s ESG Report 2025/2026. FY = financial year. ₂ ₂ ₂ INDEPENDENT PORTFOLIO CASE STUDY • HANISON CONSTRUCTION 3 A Prioritised Action Plan 04 | Strategic recommendations 1. Validate the operational baseline Reconcile the sharp fuel reduction with active project sites, equipment utilisation, subcontracting and reporting boundaries. Confirm whether the movement reflects genuine efficiency gains, changes in project activity or both. 2. Investigate electricity demand Run a site-level electricity review using invoices, meter data and equipment operating hours. Identify the drivers of the 56.3% increase, then test practical controls and efficiency measures against implementation cost and payback. 3. Build a procurement-led Scope 3 roadmap Prioritise concrete and steel procurement, supplier data quality and lower-carbon alternatives. Compare environmental product declarations where available, while testing options against budget, quality, construction programme and technical requirements. 4. Apply TCO discipline to B5 fuel decisions Request verified diesel and B5 quotations, confirm blend specifications and equipment compatibility, and model incremental cost per litre. Quantify emissions impacts only with documented fuel shares, relevant factors and consistent accounting boundaries. 5. Create an ESG performance dashboard Track monthly electricity, fuel, absolute GHG emissions, emissions intensity and project-normalised indicators. Assign owners and flag exceptions, with notes on project mix and any methodology changes. TCO insight: avoid false precision The published ESG indicators do not establish actual diesel/B5 purchase prices or a verified B5 price premium. An illustrative shift from 15.63% to 50% B5 share in FY2024/25 would involve about 95,861 additional litres of B5 blend if the disclosed percentage represents blend volume. Assuming a 5% bio-component, this is about 4,793 litres of additional biodiesel. Any cost or avoided-emissions estimate requires validation before investment approval. Portfolio takeaway This case demonstrates how to turn corporate ESG disclosures into an evidence-based management agenda: identify performance gaps, challenge assumptions, prioritise material impacts and define the inputs required for a financially credible intervention. Source: Hanison Construction Holdings Limited, ESG Report 2025/2026 , especially pp. 37–43, 62–65 and 77–82. Reporting period: 1 April 2025–31 March 2026. Independent analysis; not commissioned or endorsed by Hanison.